MOSCOW (Standard&Poor's) July 8, 2004--Standard&Poor's Rating Services said today it assigned its 'B' long-term senior unsecured debt rating to the proposed $200 million loan participation notes to be issued by Bayerische Hypo- und Vereinsbank AG (BHV; A-/Stable/A-2) to fund a loan to the Ukrainian City of Kyiv (Kiev; B/Stable/--). The notes mature in July 2011. BHV will not provide any payment guarantees, and debt servicing on the notes will depend solely on Kyiv's ability to repay the loan. The proceeds of the loan will be used for capital investments in public infrastructure, including bridge construction, waste-recycling facilities, and a cardiology center. "The rating on the notes is equalized with the issuer credit rating on the city,"
